Consumer expectations.Customer experience. Consumer behavior. Does your retail business relate to these three terms? Do you know they are the major drivers behind the success of your business? So, to add real value to your business you must solve your customers’ problems first, listen to their growing shift in expectations and changing behavior. You got to mold your offerings, products & services as per their changing shifts. So, what will be the top transformative consumer trends in 2022?

Trend #1  Digital Comes First

Your retail business has already adopted digital routes to connect with your customers, right? But, is it sufficient or do you need to expand your horizon? So far your digitization journey has incorporated only these channels – your websites, your social media channels, email offers, and maybe more, however, you have added them as an add-on and not the primary channel for your business. Today, the consumer prefers retail experience exclusively on digital channels. B2B or B2C, customers are opting for their business routes via a digital channel only. For customers, digital comes first before the rest! Your business must focus on building an improved version of digital-first interactions with prospective or existing customers. Three ways your retail business can do this-

• Switch over to web & mobile apps
• Focus on digital-only products/services
• Set up a smooth omnichannel environment that will enable customers to have a seamless movement between channels for a cohesive customer experience.

Trend #2  Personalization & Micro-Moments

Your customers want personalized offers that exclusively cater to them. They want to feel special and not a part of your mass marketing goals. You must admit the fact in today’s age of hyper-individualization,  your consumers want to buy your product if it is uniquely customized to their requirements. They expect you to understand their unique needs and respond accordingly. This will lead your customers to build a meaningful rapport with your brand, your business. Moreover, they want all these very fast and immediately. They have plenty of choices as everyone is targeting them, not just you. So, focus on their unique needs and give them quickly before anyone does that! If you search in Google, the result will appear as ‘Micro-Moments’ for this kind of consumer experience. In a flash of seconds, you need to deliver to your consumer!!

Trend #3 AI-Powered Product Cognification

SMART is the ongoing trend and the cognification of products and services is increasingly making inroads to consumers’ lives every day.AI (Artificial Intelligence), IoT(Internet of Things)  are inevitably making products smarter and digitally powered thereby multiplying their capabilities manifold. For example, how consumers are buying AI-IoT-sensored refrigerators, cars, and other products that are technically SMART to use. Similarly, for your business clients and customers, even machines in factories are leveraging the huge potential of digital capabilities, increasing the efficiency and productivity in the ecosystem. Thus, products are becoming more and more intelligent while services are equipped with AI capabilities and other digital technologies.

Trend #4 D2C without Intermediary

Consumer trend is going to take a round-about turn in 2022 towards direct dealings and purchases with no brokers and middlemen or traditional intermediaries involved. The D2C(Direct-to-Consumer)trend is going to bypass intermediaries in the retail supply chain which means, wholesalers, suppliers, distributors, retailers, advertisers, all are connecting directly with their end-consumers/customers. As a retailer or business person in retail, you need to sync with this consumer trend and find some direct digital routes to your customers using varied online channels.

Trend #5 From B2C to C2C

How about current businesses like Uber, Etsy, Facebook, and many others conducting businesses online? The same pattern is going to occur in 2022 onward for the retail sector as well. Just for your knowledge, C2C (customer-to-customer) business means customers directly connect with other customers for the business. This is increasingly picking momentum and there have been instances when a b2c has transformed to c2c and succeeded in their journey. So, if you are not a platform, fully-fledged business, you can think of this c2c model and get started!

Trend #6  Subscription-based Services

An entirely significant consumer trend for 2022, the subscription-based products & services is the trend greatly driven by the rapid cognification factor. As a business, you can now delight your target customers with thoughtful subscription-based products and items when they need them. Your customers would just love to sign up if you personalize your offerings to their requirements and specific expectations. The bottom line is, your business can generate predictable revenues as long as you provide your customers with value-based products and services.

Trend # 7 AR/VR/XR

Immersive Experience is the keyword. XR (Extended Reality), AR (Augmented Reality), VR(Virtual Reality)digital tools and technologies are increasingly becoming popular amongst consumers and customers because they can get real-life experience out of them. Your customers get instantly impressed with these immersive& engaging tools/ technologies.

Bottomline

Today, consumers are highly prioritizing experiences over materialistic achievements. It means, they look for value-added services and products that are personalized to their specific tastes and needs.Consumers/customers are not ready to compromise on this ground and just cannot accept anything on their plates. As a brand, you need to connect with your target audience instantly else they will move to the next brands in a flash of seconds. So, get ready for the year 2022 and align your retail business according to the consumer trends predicted here!

Interested to know more about the consumer trends that can benefit your retail business? Contact us.

If you are a healthcare practitioner, you know how patients’ data become urgent at times for an emergency procedure while treating them on a remote basis. Relevant video recordings, images, become paramount for accurate diagnosis and recommendations. This is called store-and-forward telemedicine that allows you for an evidence-based healthcare practice. Also termed as an asynchronous, store-and-forward type of telemedicine allows collecting clinical data and information like demographic data, lab reports, medical history in the form of sound files or image/video formats, and then digitally sending them to a secure site, cloud-based platform, that can be accessible by authorized users only.

Security Aspects

Store-and-Forward telemedicine is not like your regular e-mail communication. Email is not a secured medium, is it? The very telemedicine type  (store-and-forward) needs to adhere to the security requirements of the Health Insurance Portability & Accountability Act(HIPAA). Thus, as a healthcare professional, you cannot use email for transferring patients’ data to specialists; physicians cannot use text messages/email for treatment provision or gathering patients’ medical information. You can use your mobile phone, desktop, laptop, tablet to avail of this telemedicine facility.

Do you know?

Store-and-forward telemedicine is different from real-time telemedicine in that it does not require a doctor, specialist, patients, any other healthcare stakeholders to be available at the same time!

Applied Areas

1. TeleRadiology

Teleradiology is one of the biggest wonders in the telemedicine sector. Store-and-forward telemedicine is increasingly expanding in the radiology realm by infusing digital technologies with this healthcare specialty at the micro-level. Radiologists today adopt this modern telemedicine tool that enables them to see cases from a distant, remote location. For example, MRI, X-ray, CT scans are accessed online, which enables a  radiologist to give the radiological diagnosis information and recommendations to consulting specialist/physician anytime (now or later). This way, store-and-forward telemedicine enables the radiologist to analyze multiple radiological images/videos/forms/charts in sooner time bringing inefficiency to the entire process. It is also used during an emergency when a general radiologist needs to consult a sub-specialist like a pediatric radiologist.

2. TeleOphthalmology

Teleophthalmology is the eye-screening healthcare facility that is done on a remote basis without the patient-doctor real-time interaction. It is a massive store-and-forward telemedicine service where a patient can click optical images, then send them to an ophthalmologist thereby facilitating early detection of ocular anomalies. This is indeed an improved and advanced healthcare service that is possible using digital technology. Another instance is when eye screenings of patients for diabetic retinopathy, are digitally captured by advanced retinal cameras, and then transmitted to eye specialists for their review and recommendations. This way, the eConsult segment, store-and-forward telemedicine is greatly helping the ophthalmology sector bringing in improved patient outcomes.

3. TeleDermatology

The teledermatology in-store-and-forward type of telemedicine means sending the images of skin lesions to a dermatologist who in turn views, diagnoses, and prescribes/recommends a proper treatment plan on a remote basis only. For instance, Nurses in a skin-lesion clinic or mole-mapping clinic, use this methodology of in-store-and-forward telemedicine procedure, send relevant laboratory reports to the concerned dermatologists/specialists for skin-cancer detection.

4. TelePathology

Pathology is another applied area where telemedicine enters as a facilitating force. Telepathology is the type of store-and-forward telemedicine application that helps to digitally transmit extensive,data-rich specimens like pathology images, videos, for examination by a pathologist located at a distance. It is used for diagnosis, research& education purposes, medical consultations, etc. Telepathology is widely used nowadays as it allows inter-consultations amongst specialists in pathology from across the world. It also supports very fast diagnosis and better management of patients irrespective of geographical boundaries. Telepathology system is divided into three major types – Real-Time system, Virtual-Slide System, as well as Image-based-Systems.

5. Specialist Referral Platform

The Store-and-forward type of telemedicine significantly provides a platform to healthcare professionals for specialist referrals. For example, a General Practitioner (GP)can transfer his patients’ data to the concerned specialists remotely. This way, experts’ opinions, consultation, can be taken on requirements for a better treatment process.

BENEFITS

The major benefits of Store-and-Forward type of Telemedicine are:

• Easy & convenient access to care
• Patient’s high satisfaction level
• Time-saving speedy process
• Increased efficiency
• Increased market potential attracting newer patients frequently
• Less liability owing to documentation, digital auditing trails
• Better practice skills for  the medical community, students, research scholars

One Among the BEST Healthcare Practices

The increasing graph in chronic diseases the world over is considered as a major driver for the global telemedicine market growth. While the market stood at a remarkable 27.04 billion USD in 2020, it is estimated to reach 171.81 billion USD by 2027 (source- Brand Essence Research). The Store-and Forward telemedicine platform is increasingly contributing to the massive surge in the sector, especially in the areas of dermatology, pathology, radiology, and ophthalmology. Practitioners, for example, are gaining by gathering and analyzing images,high-volume data for their accurate clinical decisions, at their convenient timing and places.

If you are in the healthcare business and willing to explore the power of store- and- forward telemedicine, this is the right place for you. Contact our exclusive experts from Telemedicine who can guide you through the step-by-step process.

Just the other day India celebrated her 75^th Independence day, a glorious moment for the largest democracy in the world. Industry leaders unanimously cheered India for being resilient in Covid times and how healthcare has revamped over the years. On 15^th August 2021, Kiran Mazumdar Shaw, the Executive Chairperson, Biocon & Biocon Biologics, said, “Technology can be a game-changer for the Indian health sector….The digital health ID initiative can help India develop a universal healthcare system based on electronic health records (EHRs) and e-Health Centres...”(source – IANS). Currently, India’s healthcare industry stands beyond mere hospitals! It incorporates huge medical equipment, devices, telemedicine, clinical trials, medical tourism, health insurance, and more. The Blockchain-led Electronic Health Record(EHR) with AI-based add-ons, is allowing the Indian Healthcare industry to be more patient-centric, promising privacy, security, interoperability of health data in the ecosystem.

What is EHR

EHR is the abbreviated form of Electronic Health Records. EHR is considered to be a comprehensive, detailed health report of an individual which is available in the digital format. Thus, EHRs (Electronic Health Records)are the digital version of patients’ records in real-time. It helps in tracking the clinical progress of a patient and helps to facilitate an improved, evidence-based healthcare decision and care eventually. An EHR consists of the demographics of a patient, his progress notes, medications, problems and vital signs, allergies, immunizations, past medical records/history, radiology reports, laboratory data, and so on. It includes detailed information about a patient’s health profile, traditional health record, behavioral as well as environmental information which is electronically/digitally entered by the healthcare providers throughout his lifetime.

EHR is different from EMR

Though both the terms are often used interchangeably, Electronic Health Records(EHR) are different from Electronic Medical Records (EMR). An EMR is just the digital version of the paper records of medical history about a patient, recorded within a clinician’s place/office. EMR is not shared outside of that clinician’s office. On the other hand, an EHR is a detailed collection of multiple medical records, a comprehensive report of a person’s health journey over the years during lifetime.EHR report is exclusively designed to be shared beyond a healthcare organization, anytime, anywhere.

EHR BENEFITS

1. Hospitals

Hospitals are one of the major beneficiaries of EHRs. Varied departments can access EHR records anytime. For example, a doctor, physician, lab person may need a particular patient’s records for their specific purposes. They‘d just start their system, enter that patient’s id and access required information immediately.No hassles for searching non-digital documents, papers, etc. Thus, hospitals leverage EHR benefits in the following manner:

• Better quality care
• Access to accurate patient information whenever required
• Increased level of interoperability
• Enhanced efficiency & productivity
• Increased Revenues/higher ROI
• Advanced level of data security

2. Pharmaceutical Industry

The pharmaceutical industry (pharma industry) is purely an information intense business. The industry relies on adequate information utilizing them for effectively developing and delivering medicines to patient populations across the country. EHR helps the pharma industry in:

1. Audit-Medication Workflow
2. Data Collection for clinical trials
3. Clinical-trial recruitment
4. Managing documents during clinical trials
5. Drug-safety surveillance
6. Real-time insights supporting decision-making

Thus, EHR helps a pharma company throughout a product’s lifecycle viz., from preclinical to post-marketing phases.

3. Clinical Research & Development

EHRs are providing enhanced opportunities for the clinical research & development sector. EHRs that are interconnected through multiple healthcare networks have the massive potential to prove in research platforms, too. They help in:

• Optimizing varied  clinical trial protocols
• Facilitating patient identification, recruitment
• Providing state-of-the-art security
• Does not require any specific extraction of patient-level data from clinics, hospitals

4. Patients

Healthcare teams face a major challenge while dealing with patients’ data and keeping them safe.EHRs help patients to see their data exclusively through their unique identity and access authorization. They keep track of the detail like who has accessed data before, what time, how many times, and what did the individual do while accessing those records. EHRs keep all information safe from anyone who doesn’t have authorized access to see patients’ data. Thus, EHRS help Patients:

• Have access through own EHRs with unique patient portal
• Can read, or print, or send their health data/information to doctors, health insurers, etc.
• Are empowered to be their own advocates
• Better informed through updated medical records

5. Clinicians

Illegibility of medical prescriptions is a major challenge. This leads to medication errors. Thus, clinicians benefit from EHRS in:

• Managing medications
• Improved patient outcomes
• In reducing adverse drug events as a wrong medication is avoided (via integrating with bar code scanning technology)
• Timely reporting of clinical details
• In determining when to repeat a lab test
• In viewing actual radiology results
• Being cost-effective

Government of India’s EHR initiatives

Introducing  EHR Standards

In September 2013, the MoH&FW ( Ministry of Health & Family Welfare) introduced EHR standards in India. These standards were based on the Ministry’s EMR Standards Committee’s recommendations contained in a detailed document. It was for the first time mentioned that a uniform system for EHRs should be created and maintained by varied healthcare providers.

Goals  of EHR Standards

• To promote interoperability
• To support this evolution, and ensuring the standards that are being adopted are maintained on time
• To promote technical. digital innovations
• To encourage all the stakeholders, vendors for active participation
• To reduce implementation costs to the minimum level
• To plan, consider EHR best practices, policies, experiences, frameworks
• To promote adopting standards that are not interdependent but modular

Thus, the Indian government has clearly emphasized the need for EHR standards because, without them, interoperability of medical records can hardly be achieved!

Challenges & Solutions

Challenges –There are varied challenges that occur during varying levels of the development as well as the implementation of EHRs. It needs an adequate level of capital investment, funding,  a well-trained, adequate manpower like doctors, health consultants, IT experts, educators, etc. To keep patients’ records secure is a  big challenge while implementing an EHR. Then, misusing databases, cyber-security threats, ensuring the confidentiality of records while authorizing access to the correct users, etc. are big challenges that EHR implementation is facing in the country.

Solutions – Measures like the following ones can help for a smooth implementation of EHRs in the country:

• Making data password protected
• Cloud Storage, encryption can address issues related to EHR’s security
• Security measures such as Firewalls, antivirus software, etc. for data integrity
• Consulting a reliable EHR development organization
• Designing a user-friendly interface
• Appropriate investment for quality EHR practices ensuring seamless experience amongst stakeholders
• Increasing awareness of protocols regarding the overall security of health information
• Constant,24*7 reliable data monitoring using digital tools & technologies

Bottomline

In India, the development, implementation of EHRs ( Electronic Health Records ) are lying in varied fragmented stages. It is noteworthy that the challenges need to be adequately addressed using relevant digital tools and technologies and only a reliable, leading IT development agency can provide the perfect solutions apt for a healthcare organization. Moreover, the COVID 19 pandemic has already underlined the urgent requirement for a better, more resilient healthcare system across the country. Transforming every stage of healthcare delivery needs an adequate technology deployment making it more accessible, effective, empowering, and satisfying to the core.

Are you a healthcare organization, hospital, clinic, or an entrepreneur in India looking to tap into EHR Applications? Contact us to know more.

If you are a company based in India, or anywhere in the world, your online brand reputation matters a lot. Your brand is a success if it resonates with ever-changing consumers’ buying behavior in the market. What do you know about your prospective customers? Who is your target audience? How to face competitors in the market? What is the importance of digital marketing to your business? All these questions, and many more, will guide you to find the best answers for elevating your business goals. However, you need to trace that one top digital marketing company in India that can be your consultant partner, as well as your constant guide in the digital world. So, who are the top digital marketing companies in India? Based on exquisite parameters and specifically Clutch ratings( based on schedule, quality, cost, NPS, or willingness to refer), we have come out with the top digital marketing companies in India. Let’s discuss:

1. Oxedent

Oxedent is a Kolkata based PPC management agency, a top digital marketing company in India, and was established with one purpose – to help businesses nurture the way oxygen nurtured nature. The company specializes in data-driven digital campaigning and online advertising.

Location: Kolkata, WB

Founded: 2017

Company Size: 10-49

Overall Rating– 5.0

Services:  Paid Search Management, Google Adwords, Local Business PPC, Ads Banner Design, Landing Page Design.

2. Fusion Informatics

Fusion Informatics is a top mobile and web development company in India, the US, and the UAE. Fusion Informatics also ranks as one of the top digital marketing companies in India. The company is dedicated to leveraging the power of digital and infusing it with businesses across industries, helping StartUps, SMBs, Enterprises grow exponentially in their respective fields.

Location: Ahmedabad & Bengaluru, India

F ounded: 2000

Company Size: 100-150

Overall Rating– 5

Services:  Enterprise Mobility, Digital Marketing, SEO, PPC, Mobile  & Web Applications, ROI Marketing, Digital Content, Technology & Design, Video Production & Photography, Influencer Management, PR & Media Planning, Digital Analytics, 360-degree Event Management, SMO, etc.

3. SEOValley

SEOValley is a trusted and fast-growing digital marketing company in India. It caters to small-sized business to medium-sized companies the world over. The company has been operational ever since its inception year, the year 2000, and is considered as a top-rated, one of the top digital marketing companies in India.

Location: Bhopal, MP

Founded: 2000

Company Size: 108

Overall Rating: 5

Services:  SEP,PPC,Of-Page,Content Marketing,PPC,SMO,CRO,ORM,ANlytics,Programming.

4. Dot Com Infoway (DCI)

Dot Com Infoway was founded in the year 2000 in Madurai, and features amongst the top digital marketing companies in India. The company specializes in the areas of mobile and web app marketing & development, and solutions.

Location: Madurai, TN

Founded: 2000

Company Size: 50-249

Overall Rating: 4.8

Services:  Mobile App Marketing & Development, Web Marketing, Digital Marketing Solutions, PPC.

5. SGK

A renowned digital marketing company in India, SGK deals with packaging and branding and is based in Chennai. The company has offices in other countries, too. It caters to SMBs and other-sized companies in the industries like consumer products, financial services, etc.

Location: Chennai, TN

Founded: 1953

Company Size: 1000+

Overall Rating: 5

Services:  Email Marketing, Event Marketing, Packaging Design, Content Marketing, Branding, Social Media Marketing, Video Production Services.

6. Uplers

Uplers is a popular tech Platform for digital marketing services in the country. Considered as India’s one of the top digital marketing companies in India, it is a one-stop destination for companies looking for apt digital solutions. It consists of a dedicated team that delivers end-to-end web design, web development, email marketing, and digital marketing services.

Location: Ahmedabad, Gujarat

Founded: 2012

Company Size: 250+

Overall Ratings: 4.8

Services: SEO, SEM, Front–End Services, Digital Marketing, Salesforce Automation, Hubspot Development, Design Services.

7. PageTraffic Inc

It is an award-winning company known for its SEO services. Established in the year 2002, Page Traffic is a top digital marketing company in India that is dedicated to services for empowering companies with advanced SEO strategies bringing maximum ROI for them. It is also a member of W3C, Dunn & Bradstreet, Search Marketing Association of North America, IIMA.

Location: New Delhi, Mumbai (Maharashtra)

Founded: 2002

Company Size: 50-249

Overall Ratings:4.4

Services: SEO, Enterprise SEO, PPC, Web Designing, Link Building, SEO Training, Online Media Buying Services.

8. SEOTonic Web Solutions PVT. LTD

SEOTonic Web Solutions Pvt. Ltd. is an award-winning SEO-based another top digital marketing company in India. It provides quality-based digital marketing services, SEO services to online businesses. It is known for its affordable, high-quality SEO, SMO, PPC services across the country.

Location: Bhopal, Madhya Pradesh

Founded: 2006

Company Size: 50+

Overall ratings:4.9

Services:  SEO, Online Marketing, Web Design, Web Development, SMO, PPC, SEM.

9. THATWARE LLP

Ranked as one of the top digital marketing companies in India, Thatware LLP is known to enhance companies’ marketing levels by providing AI-based SEO services and others. The company was founded by an International SEO expert, Tuhin Banik. It provides advanced AI-based marketing solutions The company caters to Startups, SMBs, online businesses, and so on.

Location: Howrah, West Bengal

Founded: 2018

Company Size: 50-249

Overall ratings: 4.1

Services:  SEO, Advanced Link Building, AI-based SEO Services, Branding & Media Planning, Business Intelligence & Consultation.

10. WEB CHOICE

Web Choice is a dedicated web design and web development company offering digital marketing services to clients across the globe. Considered a top digital marketing company in India, it focuses on SEO services and CRO (conversion rate optimization) services. The company utilizes the mixes of the latest digital tools and technologies to provide digital marketing services to clients for getting the fastest result and output.

Location: Mumbai, Maharashtra

Founded: 2009

Company Size: 10-49

Overall Ratings: 4.9

Services:  SMO,SEP,PPC,Of-Page,Content Marketing,PPC,SMO,CRO,ORM,ANlytics,Programming.

Last But Not Least

Digital marketing is changing the entire landscape of the marketing sector, and contributing to industries gain momentum in terms of business returns, and attracting customers the world over. Consider digital marketing as your topmost priority and fix your date with the top digital marketing company in India, right away!

Are you wondering how digital marketing can boost ROI for your business? We’re here to help you.

Fintech stands for Financial Technology. Today, India is a leading hub for Fintech Startups in the world. As per a recent report prepared by  Boston Consulting Group (BCG) in collaboration with FICCI, India’s Fintech industry is set to reach a massive 150-160 billion USD by the year 2025, and that will result in a 100 billion USD value creation opportunity in the sector. The reasons behind the big growth of the Fintech industry in India are varied deep-rooted demands from customers, substantial tech- talent, diversity in the capital flows, and policy framework that is truly enabled.

What is Fintech?

As mentioned, Fintech means Financial Technology. It is a fine convergence of financial services with digital technologies. Empowered with advanced data & analytics capabilities, zero-processing costs, asset-light-platforms, fintech companies are providing a better, advanced form of financial solutions to their varied clients across industries. These financial solutions happen to be in the form of digital transactions, digital payments, and the likes. The advent of the Fintech industry has led to the adoption of digital technologies in the business models of financial providers, replacing the traditional modes of payments with ace, digital solutions. In short, it is a one-click service to the end-users.

India’s Fintech Scenario

In the coming 5 years, the Fintech industry in India is supposed to carry on with its robust, upward trajectory. The dynamic Fintech industry in India today consists of around 2100+ Fintechs. 67% of these many Fintechs are set up in the last 5 years alone! That’s what gives this industry big motivating push-ups. What else, this positive growth of the industry has not been deterred by the COVID-led pandemic, and as per the current data, since the last  January 2020, three new Unicorns, as well as 5 new Soonicorns (valued worth 500+Millions USD ) have emerged in the country. The estimation stands at $50 to $60 Billions value worth for the Fintech industry in India, today.

India’s 5 Fintech Business Models

The word ‘Demonetization’ is a word one can recall very easily. Most of the Fintech companies in India got a digital kickstart thanks to the famous demonetization drive in the year 2016. Moreover, the grand launch of the ‘Digital India Initiative’ has a big contribution to the transformed landscape of the payment interface of India. Today, people want convenient and seamless online, digital payment modes like e-wallet system, credit/debit card payment, touchless payment system, and so on. The top  Fintech Startups and companies in India today are making a big wave in the way people are performing digital payments over the last few years! Let’s see, how these top models of fintech companies in India, right from payment platforms to the ever growing insurance platforms, are achieving fames around the world.

1.Digital Wallets

You must have heard about Paytm, a popular mobile app-based digital wallet now utilized every corner, equally popular in all types of businesses in India. Paytm is a Fintech, digital wallet company based in Noida, and there are 150 million active, monthly users. This form of the digital wallet has garnered many tractions just after the demonetization drive in 2016 and has never looked back, only increasing its user base. It is the growth in the ‘Digital-Payment’ space that has made this model processed around  1.2 bn payment transactions so far!

This model involves an application-based mechanism wherein a user preloads or puts virtual money into wallets for online transactions with businesses who accept this form of digital wallet as their payment mechanism. Other examples from digital wallets that you may be knowing are Google Wallet or GPay, SquareCash, Venmo, etc. However, Paytm is India based business model that the whole world has acknowledged with open arms. Another notable Indian Fintech company from this model is PhonePE.This platform is also used to transfer money, pay bills, buying from local vendors, recharges, shop online, etc. And know what? This app-based digital wallet is available in 11 distinct Indian Languages.

2. Digital Insurance

Indian Fintech companies like Policy Bazaar have set trends in the insurance sector as well. These companies are changing the landscape of the insurance industry by bringing their traditional mode of insurance services directly to the digital world. Policy bazaar has given people choice-based buying insurance policies all on their own. What do people do? They make in-depth comparative analyses of varied insurances using this platform. Policy Bazaar is a living Indian Fintech example that acts as an insurance aggregator platform providing transparent and accurate information regarding insurance policies and other matters to customers from around the world. Also, this business model offers varied kinds of life insurance, health insurance with a lot better underwriting practices, and, along with some personalized marketing plans, has a massive potential to create business possibilities across the boundaries.

3. Digital Lending

Indian Banks have shown immense resilience in the wake of the COVID crisis . for example, Bank of Baroda, a public sector Indian bank, decided to digitalize the entire lending operations for agriculture loans, home loans, auto loans, personal loans, MSME loans, thus reshaped a traditional lending system into digital lending. The very bank reached out to BCG, McKinsey for consultation regarding establishing a digital version of the lending department on its own. And even instant digital credits could be possible now. This Indian Fintech model has shown the world that a vast country like India, with diverse languages and cultural backgrounds, and with such a huge population, can provide a seamless and smooth experience to customers and businesses alike with digital means of banking operations at all levels, departments. Digital Lending is a striking business model under digital banking where open banking, alternative data, AI technology are disrupting the entire landscape.

4. Digital Banking

Indian Fintech model facilitating digital banking is the incorporation of digital tools and technologies for attending banking chores and activities, day-to-day operations becoming easier and smarter. Under this model, Indian banks do collaborate with Fintech companies for providing an improved, advanced form of financial services for a greater reach of customers. The Fintech companies are equipping these banks with digital tools for efficient and productive outcomes. Digital banking offers so many options, such as AI-NLP chatbots that greatly enhance customer experience, real-time experience using a mobile application (where customer can have a quick look into a bank account on mobile only), as well as Machine Learning(ML) that works for securing against any fraud! In short, this Fintech business model turns the entire banking network, just from a limited & small branch phase, into a vast network spanning web,  mobile, virtual & interactive interfaces. This facilitates banks having a reduced dependency on their branches and a huge cost-reduction that’d otherwise involve a greater degree of real estate and manpower.

5. Payment Gateways

Under this model, Fintech companies integrate varied payment methods into the convenient form of applications or apps. These applications are adopted by online merchants, online businesses like e-commerce, and are easily affordable and seamlessly integrated on their respective websites. Thus, the payment gateways are the convenient platforms that allow shoppers, consumers to pay for their shopping for a service/product, directly on the websites of e-stores or shops they are buying from, in the virtual-mode. Multiple payment methods include credit-cards, debit-cards, cryptocurrencies, digital wallets, etc. Here, banks are not involved which would otherwise charge a big transaction fee for these payment methods. Rather, Fintech companies allow payment gateways to work on the line of varied payment applications where businesses sell their products and services directly to the end-users. As a shopper, you are directed to some online payment gateway, and you can make an online transaction for payment. The Indian model on this line is BillDesk.It is a prominent Indian firm for payment gateway, and it serves as a digital payment interface for more than 20 years. Today, it stands valued at over $1 billion, and received $257.5 Million of funding so far!

Conclusion

Fintech companies in India are seeing a massive surge and their value creation opportunity now stands at an enormous  100 billion USD. This is quite an impressive figure, and this explains why some of the Indian fintech business models are creating worldwide ripples in the financial sector. The ever-growing financial sector, the very Fintech ecosystem, has generated these innovative business models that are being emulated by major firms. These innovative models have increasingly assisted in decreasing the financial loads, pressures over individuals, businesses, by providing them direct, on the app, finance solutions.

Are you an Aspiring Fintech who wish leverage the latest in technology which enables you to set a new business model or you wish to accelerate your fin-tech business? Feel free to reach us and take our industry experts guidance.

During the COVID-19 pandemic, banks’ clients have changed their behavior overnight reflecting adaptations to restrictions and health and safety requirements. As a result, a rapid surge is been observed in the digital opening of new relationships, registration & usage of mobile payment applications, and usage of contactless payments accompanied by the reduction in physical client meetings. This has also urged the banks to evolve and transform their digital business models rapidly, with new circumstances. Now the banks are required to make the provision for a large number of credit facilities, adapt offerings in support of clients’ needs, introduce fast, flexible, and effective measures to keep operations and services stable.

The experience has helped organizations in identifying the transformational capabilities of digital channels and operational setups, as well as the need for new value creation from data and analytics. Let’s explore some of the digital innovations that can lead the banks through the current crisis.

1. Fraud Prevention

COVID-19 pandemic caused an increase in cyber frauds; however, with the help of powerful technologies, it can be minimized. Artificial intelligence (AI) with its real-time data analytics, can act as an early warning system to prevent credit card frauds. It has the capability to evaluate the probability of fraud, and upon the suspicion, enables to take immediate request for client feedback to clarify the legitimacy. Not just that to minimize the loss from fraud cases, Adaptive analytics through machine learning can be applied by continuously reintroducing client feedback into the data model.

2. Core Banking Services

Banks invest heavily to add value for clients, by applying advanced analytics to their portfolios and offering related tailored products, investments, and advisory services. To ensure better customer service, banks can evaluate a client’s feedback with the help of digital solutions. On top of that, digital solutions and data analytics can also be used to increase the relevance and efficiency of client communications and personalize financial services as per the clients’ needs.

3. Operational Efficiency

The surge in new relationships and the use of contactless payments during the pandemic had also increased the need for operational efficiency. In banking a large number of documentation packages are prepared for client meetings, so with the blend of the distinct data element and robotics process automation, the client documentation can be generated from management tools and archives at a high frequency. The operational efficiency can also be enhanced with the help of Optical Character Recognition (OCR) which allows intelligent classification of incoming emails along with embedded meta-data and delivery to a digital mailbox.

4. Regulatory Compliance

The rising frauds during pandemic had made it difficult for banks to comply with regulations. However, when it comes to compliance with legal and regulatory requirements, data analysis can be very helpful. Machine learning can detect deviations in client and transaction profiles. Additionally, when the needs of the client are large and complex, it involves a high level of operational risk like Anti-Money Laundering (AML)/Know Your Customer (KYC) checks, in such cases ML tools can be applied to identify issues and enhanced interactivity/visualization to translate data into insights. It also helps an organization in reducing risks and ensuring compliance with the regulations.

Apart from helping the banking system in serving customers efficiently, preventing fraud, and driving operational efficiency, digital innovation is essential to address the issue of remote working too. The pandemic has forced the banks to set up themselves to be digitally amended to reflect remote working, communication, and client service, which is leading to an increase in the number of remote working arrangements. Technology no doubt will assist the banks in the best possible way.

Banking is a metaphor for trust in society, now is the time for banks to demonstrate its stewardship, digital innovation can lead the banks efficiently though this unexpected disruption of a pandemic and post-pandemic economy. You can also reach out to us for exploring digital applications that can help in your banking business.